The March Madness brings along the online betting fever. Right from college students to office goers, almost everybody gets onto the net and places a bet. The FBI estimates that over $2.5 billion is wagered on the NCAA tournament with only $80 million betting done legally. That goes to show the amount being gambled illegally!
The FBI estimate may just be the tip of the iceberg. Independent observers believe that the amount being wagered on basketball is much higher. They may be right because in 2003, 1.6 million bets were placed on the NCAA tourney through BetonSports.com alone. The value of this bet was $96 million.
